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Forex Instability, A Threat To Nigeria’s Power Compnies – ACCI

Forex Instability, A Threat To Nigeria’s Power Compnies – ACCI

Instability in foreign exchange, inadequate liquidity and insufficient gas supply are inhibiting optimal performance of power companies operating in Nigeria’s electricity industry; the President of the Abuja Chamber of Commerce and Industry Limited, ACCI, Tony Ejinkonye, said this in an interview with the News Agency of Nigeria in Abuja on Monday. According Ejinkonye, the difficulty […]

Naira “Float,” And Higher Interest Rates Attract $1.8bn In 2016 Third Quarter

Naira “Float,” And Higher Interest Rates Attract $1.8bn In 2016 Third Quarter

The latest report from the National Bureau of Statistics shows that the decision by the Central Bank of Nigeria (CBN) to “float” the naira in June and also raise interest rates has had a positive impact on dollar inflows into the country. The total value of dollar inflow into Nigeria in the third quarter  (July […]

Sterling Falls More Than 1% As Dollar Revives

Sterling Falls More Than 1% As Dollar Revives

Sterling fell more than 1 percent on Monday against a resurgent dollar, which rebounded on news that Hillary Clinton would not face criminal charges over her private e-mail server, boosting her chances on the eve of the U.S. presidential vote. The pound was down 1.04 percent to $1.2390, reversing its best weekly gains since 2009 […]

Nigeria Third Quarter Capital Importation Climbs To Highest In 2016

“The rise in capital importation in Q3 can be attributed to when we embraced foreign exchange market liberalization,” said Ayodeji Ebo, an investment banker at Afrinvest by phone.  The total value of capital imported into Nigeria in the third quarter of 2016 was estimated to be $1.8 billion, which represents an increase of 74.84% relative […]

Interbank Market: Naira Falls To N350 per Dollar

Interbank Market: Naira Falls To N350 per Dollar

The News Agency of Nigeria (NAN) reports that the Naira on Monday fell freely at the official interbank market. The naira exchanged at N350 to a dollar from N328 it traded last Friday. At the Bureau De Change (BDC) segment, the naira closed at N385 against the dollar, CBN rate, while the Pound Sterling and […]

CBN Gives Manufacturers $660 Million

CBN Gives Manufacturers $660 Million

“The CBN is committed to ensuring that manufacturers of goods for which Nigeria does not enjoy comparative advantage are able to get letters of credit (LCs) to import the required materials for their businesses. Nigeria’s Central Bank, CBN has given manufacturing companies foreign exchange valued at over $660 million in the inter-bank market to source […]

Dollar Strengthens As Clinton’s Chances To Win Election Increase

Dollar Strengthens As Clinton’s Chances To Win Election Increase

As the FBI decided that U.S. Democratic presidential nominee Hillary Clinton will not face criminal charges, the dollar rose on Monday. This is seen as a boost to Clinton’s chances of winning Tuesday’s contest with Republican rival Donald Trump. The greenback gained 0.75 percent against a basket of currencies .DXY after getting hammered last week when […]

U.S. Dollar Strengthens, Investors More Confident Of Clinton Win

U.S. Dollar Strengthens, Investors More Confident Of Clinton Win

A victory for Mrs. Clinton is expected to be less disruptive for markets and therefore more supportive of a U.S. interest-rate increase in December. The U.S. dollar rose on Monday as investors grew more confident that Democratic nominee Hillary Clinton will win the U.S. presidency on the eve of the election. The Wall Street Journal Dollar Index, […]

Fund Investors Can Protect Against Currency Swings, See How

Fund Investors Can Protect Against Currency Swings, See How

“Unless an investor thinks a currency will rise against the dollar, they should consider currency hedging in their overall portfolio strategy,” Mr. Rakshit. Should investors hedge currency risks in their ETF portfolios? And if so, how do they do it? Currency exposure is an added risk that can have a tremendous impact on an investor’s […]

Gionee Company Invests Over $10m In Nigerian Market

Gionee Company Invests Over $10m In Nigerian Market

Gionee Communication Equipment Company Limited said it has invested over $10m in the Nigerian market, with $8m of the sum invested this year. It also said that it planned to invest a total of $12m in the nation’s telecommunication industry in 2017. The Group Chief Executive Officer of the company, Mr. Chen Lei, disclosed these […]

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